Quarterly Table of Contents. 941 Quarterly Checklist TWC/Unemployment Checklist

Transcription

1 Quarterly Table of Contents 941 Quarterly Checklist TWC/Unemployment Checklist

2 941 Quarterly Checklist Check Quarter: 1 st Qtr 2 nd Qtr 3 rd Qtr 4 th Qtr Finance > Reports > Payroll Run and print the IRS 941 Verification for the appropriate quarter Verify the FICA Taxable x 4.2% = FICA W/H (Employee s FICA Contribution) Verify the FICA Matching x 6.2% = FICA Match (District s FICA Contribution) Verify the Medicare Taxable x 1.45% = Medicare W/H (Employee s Medicare Contribution) Verify the Medicare Taxable x 1.45% = Medicare Match (District s Medicare Contribution) WebSmart by JR3 Finance Revised 04/ Quarterly Checklist Page 1 of 4

3 Login to the EFTPS website: and print payment history, usually the 90 day history Compare the quarterly payments to the IRS 941 Verification to ensure it matches Complete the 941 Form (from the IRS website) with the information taken from the last page of the IRS 941 Verification. The fillable IRS Form 941 may be downloaded from the IRS website at FICA Taxable Fica W/H + Match Medicare Taxable Medicare W/H + Match Run the Employee Payment Summary in Finance > Reports by month to complete page 2 of the form 941 WebSmart by JR3 Finance Revised 04/ Quarterly Checklist Page 2 of 4

4 Complete the Schedule B remember, you are reporting the TAX LIABILITY on the date the wages were paid. Be sure to enter these dates appropriately to avoid any penalty charges for making the EFTPS payment late. WebSmart by JR3 Finance Revised 04/ Quarterly Checklist Page 3 of 4

5 941 Quarterly Deadlines WebSmart by JR3 Finance Revised 04/ Quarterly Checklist Page 4 of 4

6 TWC/Unemployment Checklist Check Quarter: 1 st Qtr 2 nd Qtr 3 rd Qtr 4 th Qtr To report state unemployment tax liabilities to the Texas Workforce Commission each quarter, follow these steps in WebSmart. Finance > Reports > Payroll > Unemployment Liabilities Run the Unemployment Liabilities report using the parameters for the appropriate quarter. The report will be similar to the snapshot below: TWC/Unemployment Checklist Page 1 of 16

7 Finance > Reports > Third Party Finance Extracts Run the Texas Workforce Commission ICE Extracts Select the appropriate Year and Quarter Select Run Report Select Save Save the text file to Desktop with the following parameters: o File name: SchoolName_#QTR_TWC.ice Example: School_1stQTR_TWC.ice o Save as type:.ice Document If you are submitting the TWC File through TASB, you can submit this file directly through TASB s website. TWC/Unemployment Checklist Page 2 of 16

8 Texas Workforce Commission QuickFile5 Initial Setup If you are submitting the file through Texas Workforce Commission s website, you must use Quick File 5, which is a free software program available to download from the Texas Workforce Commission s website: If you need to download the program, click on Download Quickfile and select Run and follow the QuickFile5 Setup Wizard. The setup wizard will automatically default to a folder C:\QuickFile\; however, if you d like for the downloaded files to go to another folder, click on the Browse button and find the location you desire. NOTE: Remember this folder location. You will need it when uploading the files on the Texas Workforce Commission website. ********************************************************************************** TWC/Unemployment Checklist Page 3 of 16

9 To send the TWC File using QuickFile5: Open Quick File 5 Leave default options (see example below) Select Find and Select File Select the.ice file, which you previously downloaded to your Desktop Select Validate until you have no errors (see example below) TWC/Unemployment Checklist Page 4 of 16

10 The following message will appear to verify the data in the file. Review the data and select Close. Select Continue Select Yes or No to see the summary of the report If you Select Yes, the following summary will appear TWC/Unemployment Checklist Page 5 of 16

11 Select Print Summary the summary figures should correspond to figures found on the Unemployment Liabilities report. Select Close The 2 files will generate automatically and you ll receive the following message: o If you select No the following prompt will automatically appear. Select OK. The following prompt will then appear as a reminder that the TWC file will be processed by TWC during the nightly posting cycle. Select OK. The following prompt indicates the user will be redirected to the TWC QuickFile login screen. NOTE: Be aware that the 2 files uploaded from QuickFile5 will automatically default to the specified folder upon the initial QuickFile installation. Remember this folder location. You will need it when uploading the files on the Texas Workforce Commission website. ********************************************************************************** TWC/Unemployment Checklist Page 6 of 16

12 TWC log in will automatically pop up. o Log in with school s username and password o Select Sign-In Upload and send files in order prompted by the QuickFile website as seen below. (When browsing for the.qfh and ice.gz files on your computer, remember the folder location from the steps above. o Step 1 Select Browse to find the file indicated on the screen. o Select Send File. this could take a few minutes as indicated in the note below. TWC/Unemployment Checklist Page 7 of 16

13 o Step 1 will show as Complete and give the user instructions for the following steps. o Step 2 Select Browse to find the file indicated on the screen. o Select Send File. this could take a few minutes as indicated in the note below. The following prompt will be displayed. Review & Print Select the PDF document on the right, which opens the verification that TWC has accepted the filed wages. (see example screenshot on the following page.) TWC/Unemployment Checklist Page 8 of 16

14 At this point, the file has successfully been submitted to TWC, and the district must wait at least 24 hours to verify the payment amount. Log off TWC s Quickfile website. ********************************************************************************** NOTE: The Tax Due amount may not be the amount you actually pay to TWC, which is why it s important to wait the 24 hour period before logging into the TWC Logon website. The Tax Due amount may vary from the Unemployment Liabilities report generated from WebSmart by a few cents due to rounding. In this case, the submitter would enter a credit memo or bill to balance the difference to post the payment in WebSmart. ********************************************************************************** TWC/Unemployment Checklist Page 9 of 16

15 AFTER a 24 HOUR PERIOD Check the status of the TWC Report On TWC Logon page: Log directly onto the TWC Logon website: Enter the district login information: Once logged in, the user will see a page similar to the one below. o If the Amount Due is 0.00, you are finished. o If there is an Amount Due shown, continue to the next section on Paying Your Unemployment Tax TWC/Unemployment Checklist Page 10 of 16

16 Paying Your Unemployment Tax Through QuickFile Quickfile offers several options for paying your unemployment taxes; however, within districts, the two most common are through the ACH (debit) or a district check. We ll explain both in this section. If you are unsure of your payment option, contact TWC. ACH Payment The free ACH service allows employers to submit quarterly tax payments via ACH instead of having to mail in the remittance copy to TWC to complete their quarterly filing and payement process. The following Payment Process is located on TWC s website at : Mailing a Check TWC/Unemployment Checklist Page 11 of 16

17 Posting Your Unemployment Tax in WebSmart If your district pays TWC for unemployment the TWC bills generated in WebSmart through the payroll process may not match the dollar amount actually owed to TWC to the penny, due to rounding. If it doesn t, the user must create a credit memo or bill to adjust the amount owed to reflect the amount paid during the TWC process. If you are paying electronically, make sure the vendor is set up in the vendor maintenance screen to post as a Standard electronic payment on the Purchasing tab; otherwise, if you are submitting a check, the payment method will indicate Live Check. In this example, the scenario is as follows: The Unemployment Liabilities report from WebSmart indicates $32, The TWC remittance indicates a total Due of $32, The difference in WebSmart is higher by $0.25 than the amount due/paid; therefore a Credit Memo of $0.25 needs to be created in WebSmart to match the TWC remittance. Creating a Credit Memo to Adjust the Amount Due Go to Finance > Purchasing & AP > Payables > Credit Memos If the amount paid to TWC is less than the Unemployment Liabilities report, Select Create Credit Memo in WebSmart Enter a Reference number or description Enter the Transaction Date Select the Unemployment Vendor (Texas Workforce Commission in this example see below) Select Add 1 Item(s) Enter Qty of negative 1 Enter Price (0.25 in this example) Tab to the Extended Price Tab to the account code fields Enter the debit/credit o Debit the Unemployment liability account ( in this example see below) TWC/Unemployment Checklist Page 12 of 16

18 o Credit the Unemployment payroll expense account ( in this example see below) Select Create Go to Finance > Purchasing & AP > Payments > Make Payments Select the bills and the credit memo for the Unemployment vendor so that the total amount posting to the ledger matches to the total amount paid. Select Create Check Run as indicated below Select Save to post the transaction to the General Ledger. This process Debits the Unemployment liability account and credits cash. TWC/Unemployment Checklist Page 13 of 16

19 Creating a Bill to Adjust the Amount Due Sometimes, the Unemployment Liabilities report could be less than the actual amount due to TWC (or other Unemployment Vendor. In this case, you would create a bill to adjust the Unemployment payment. In this example, the scenario is as follows: The Unemployment Liabilities report from WebSmart indicates $32, The TWC remittance indicates a total Due of $32, The difference in WebSmart is less than the amount due/paid by $0.12; therefore a Bill of $0.12 needs to be created in WebSmart to match the TWC remittance. In WebSmart Go to Finance > Purchasing & AP > Payables > Bills If the amount paid to TWC is more than the Unemployment Liabilities report, Select Create Credit Bill in WebSmart Enter a Reference number or description Enter the Transaction Date Select the Unemployment Vendor (Texas Workforce Commission in this example see below) Select Add 1 Item(s) TWC/Unemployment Checklist Page 14 of 16

20 Enter Qty of 1 Enter Price (0.12 in this example) Tab to the Extended Price Tab to the account code fields Enter the debit/credit o Debit the Unemployment payroll expense account ( in this example see below) o Credit the Unemployment liability account ( in this example see below) Select Create Go to Finance > Purchasing & AP > Payments > Make Payments Select ALL bills for the Unemployment vendor so that the total amount posting to the ledger matches to the total amount paid. Select Create Check Run as indicated below Select Save to post the transaction to the General Ledger. This process Debits the Unemployment liability account and credits cash. TWC/Unemployment Checklist Page 15 of 16

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